Natural gas and electricity prices have spiked to record highs, most notably in Europe and some major Asian markets, causing potentially significant economic impacts and volatility in gas and electricity markets, driven by turmoil in natural gas markets, says intergovernmental organisation International Energy Agency (IEA) executive director Dr Fatih Birol. A range of issues are affecting the natural gas sector, including last year’s exceptionally rapid global economic rebound, outages and maintenance of key gas infrastructure and a lack of sufficient supply from Russia, which are driving broader energy market turbulence in Europe.
